Financial Markets: Increasing Complexity, Maintaining Stability

3–5 July 2019, ST. PETERSBURG

    Deposit Insurance Agency of Russia (DIA) Suggests Doubling Deposit Insurance to 2.8 Million Roubles

    SAINT PETERSBURG, 7 June. /TASS/ State Corporation ‘Deposit Insurance Agency’ (DIA) proposes to double the insurance coverage of deposits in merged banks for the period of three months up to 2.8 million roubles, stated Yuri Isaev, General Director of DIA on the sidelines of the International Financial Congress.

    “There is an additional initiative related to the fact that if, for example, two banks have merged and the insurance event occurred, we increase the insured sum up to 2.8 million roubles for three months,” he said.

    On the other hand, Mr Isaev noted that the occurrence of an insurance event with a merged bank within the first three months is highly unlikely.

    In addition, the Agency proposes to extend the limit of insurance compensation to depositors of bankrupt banks to 10 million roubles in special ‘social’ circumstances, if the deposit term does not exceed three months.